VANCOUVER, British Columbia –March 23, 2023 – GREAT ATLANTIC ESOURCES CORP. (TSXV.GR) (the “Company” or “Great Atlantic”) is pleased to announce it has received analytical results for soil samples collected during 2022 at its Keymet Precious Metal – Base Metal Property, located in northeast New Brunswick.
The analytical results (along with 2021 soil sample results) define a zone of gold soil anomalies approximately 200 meters by 200-500 meters of which 39 of 44 samples (88% of samples) from this zone returned anomalous values of 0.005-0.067 parts per million (ppm) gold (5-67 parts per billion (ppb)), establishing a priority target area. This anomalous zone is open to the west.
The 2022 soil geochemical survey (66 samples) was conducted within the west-central region of the Keymet Property in the area of the 2021 soil geochemical survey which identified a new zone of gold soil anomalies in an underexplored region of the property (Company News Release of December 10, 2021). The 2021 and 2022 sampling were conducted along six northwest – southeast trending lines. The objective of the 2022 soil sampling was to further define gold anomalies.
The 2022 soil samples were submitted to ALS Canada Ltd. for gold assay and multi-element analysis. Seven samples could not be assayed for gold due to non-sufficient sample after sieving. Twenty-six samples returned anomalous values of 0.005-0.049 ppm gold (44% of samples analyzed for gold) with twelve samples returning 0.012-0.049 ppm gold (20% of samples analyzed for gold).
The majority of anomalous 2022 samples are from the western 2022 sample line with 14 of 17 samples along an approximately 430 meters long section returning anomalous values of 0.005-0.049 ppm gold. These results and results from the two adjacent 2021 sample lines define an anomalous zone of approximately 200 meters by 200-500 meters, being open to the west. Of the 44 2021 and 2022 samples within this zone, 39 samples (88%) returned anomalous gold values in the 0.005-0.067 ppm range and 19 samples (43%) returned 0.011-0.067 ppm gold. Great Atlantic management view this zone as a priority target and are planning additional soil sampling and geophysical surveys to define trenching and diamond drilling sites in this area. Company Management have found no reports of diamond drilling within the area of these gold soil anomalies.
Three rock samples collected during 2022 within the west-central region of the claim, west of the area of 2021-2022 soil sampling, returned 0.631 grams/tonne (g/t) gold, 0.984 g/t gold and 1.835 g/t gold (Company News Release of December 1, 2022). These samples from glacial float and outcrop were collected approximately 350 meters west of the area of 2021-2022 soil sampling.
Company management believe the area of the 2021-2022 gold soil anomalies extending west to the area of 2022 gold-bearing rock samples has potential to host gold deposits given its location along the reported northeast-southwest contact between Ordovician – Early Silurian Fournier Group rocks and Silurian Chaleurs Group rocks. Gold deposits occur approximately 4.5-5 kilometers southwest of this survey area and west of the Keymet Property close to this geological contact. These deposits are referred to as the West Gabbro Zone, South Gold Zone and Discovery Zone (New Brunswick Department of Natural Resources and Energy Development, Mineral Occurrence Database; and Murahwi et al., 2011). Great Atlantic has no interest in these deposits.
The soil samples referred to in this news release were analyzed by ALS Canada Ltd. for gold by fire assay – AA and for 33 elements by four acid digestion and ICP-AES analysis. ALS Canada Ltd. is independent of Great Atlantic.
Readers are warned that mineralization at the West Gabbro Zone, South Gold Zone and Discovery Zone is not necessarily indicative of mineralization on the Keymet Property.
The Keymet Property is host to the historic Keymet Mine which operated during the mid-1950s, producing lead, zinc, copper and silver. Production at this mine was terminated in 1956 due to a fire at the site. The historic Keymet Mine is located within the northwest region of the property. Much of the previous work by Great Atlantic has been focused on the area northwest of the historic Keymet Mine. The Company has located gold bearing float and gold bearing bedrock and polymetallic veins containing high grade zinc, copper and silver this region (see the Company’s News Releases for results of this work).
Historic Keymet Mine (1950s)
Access to the Keymet Property is excellent with paved roads transecting the property, including a provincial highway. The property covers an area of approximately 3,400 hectares and is 100% owned by the Company.
David Martin, P.Geo. (New Brunswick and Newfoundland and Labrador), a Qualified Person as defined by NI 43-101 and VP Exploration for Great Atlantic, is responsible for the technical information contained in this News Release. Historic results stated on the Keymet Property map (stars 3, 4 and 5) in this news release have not been verified by a Qualified Person.
On Behalf of the board of directors
“Christopher R Anderson”
Mr. Christopher R. Anderson
President CEO Director
604-488-3900 – Office
About Great Atlantic Resources Corp.: Great Atlantic Resources Corp. is a Canadian exploration company focused on the discovery and development of mineral assets in the resource-rich and sovereign risk-free realm of Atlantic Canada, one of the number one mining regions of the world. Great Atlantic is currently surging forward building the company utilizing a Project Generation model, with a special focus on the most critical elements on the planet that are prominent in Atlantic Canada, Gold, Copper, Zinc, Nickel, Cobalt, Antimony and Tungsten.
This press release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include exploitation and exploration successes, continued availability of financing, and general economic, market or business conditions.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Great Atlantic Resource Corp.
888 Dunsmuir Street – Suite 888, Vancouver, B.C., V6C 3K4